In this Oct. 1, 2010 photo, Sandra Bennerson, 66, a retiree on a fixed income, shops for bargains at Target. (AP Photo/Bebeto Matthews)

(Newser)
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Financially speaking, now isn't such a great time to be a new veteran. Or a resident of Nevada. And it's definitely not a good time to be retiring.Newsweekpulls together a handful of recent studies regarding Americans entering their golden years that are downright depressing. Among them:

Bankruptcies are up: In 2001, Americans age 55 and up made up 12% of bankruptcies in the country; now they account for more than 20%, according to a study by a University of Michigan professor.

Debt at retirement: What safety cushion? A study by nonprofit personal-finance firm CESI Debt Solutions found that a whopping 56% of retirees bid adieu to the workforce with debts on the books. And almost all of those in-the-red retirees refused to delay retirement to chip away at what they owe.

Old debtors vs. young debtors: With age comes ... more debt. The University of Michigan study also found that those retirees with debt owed credit cards 50% more than their younger counterparts.

Why? The CESI survey found that 75% of respondents listed medical or funeral expenses as the reason for that debt.

There are some people that can't manage their expenses and finances -- but that doesn't encompass everyone. Unemployment is extremely high. WTF is job security these days? Some retire on-time/early because they fear the economy, age discrimination, etc.. It really depends on how you retire. Circumstances happen to people. Anyone and everyone can be victimized by circumstances. Some people go into debt because they help their children, family, friends, etc.. Maybe you shouldn't help when you can't -- but some people will f--- themselves to give someone else a better future. If your future is secure, or if you were privileged, just be thankful. There's no need to make yourself feel even better. If the people that were making poor decisions listened to reason, they wouldn't be there. To make such broad generalizations is basically victim blaming a large portion of people that are already in a bad situation. If you're going to lay out your thoughts about the situation, skip the ego trip. In addition to sheer laziness, education, the financial system and greed are huge problems in America. If you're not part of the solution... Maybe Newsweek is trying to be the new "Scared Straight?" On the other hand, riling people up sells and gets publicity. Hell, Newser probably gets a nickel every time we bicker.

DieselDaWg

Jan 9, 2011 11:24 PM CST

"And almost all of those in-the-red retirees refused to delay retirement to chip away at what they owe." ========================================= self-inflicted financial wounds